Good day, and thank you for standing by. Welcome to BitFuFu Inc.'s Full Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to your first speaker today, Mr. Charlie Brady. Please go ahead.

Thank you, operator. Ladies and gentlemen, good day, and welcome to BitFuFu's Full Year 2025 Earnings Conference Call. The company's financial results were released earlier today and are available on BitFuFu's Investor Relations website at ir.bitfufu.com and globe-newswire.com. Joining me today on the call are Chairman and CEO, Leo Lu; and CFO, Calla Zhao. Before we begin, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in the company's public filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statements, except as required by applicable law. We will discuss non-GAAP financial information on this call. The company provides this information to supplement information prepared in accordance with U.S. generally accepted accounting principles. A reconciliation of these measures to the company's reported GAAP results can be found in the reconciliation tables provided in today's earnings release. Finally, it's important to note that while we won't be conducting Q&A on this call, you can e-mail your questions to ir@bitfufu.com and we'll respond as quickly as possible, typically within 24 hours. I will now turn the call over to Leo Lu, Chairman and CEO of the company.

Thanks, Charlie, and thank you all for joining us today. 2025 was a challenging year for the cryptocurrency industry, particularly for mining enterprises. When the price of Bitcoin surged rapidly during the second and third quarters, hitting an all-time high of $126,000, market sentiment leaned heavily toward targets of $150,000 or even $200,000 by year-end. Consequently, many market participants increased capital expenditures and leverage, while others continue to accumulate more Bitcoins. Bitcoin never follows a script. After the run-up, it dropped below $100,000 in November, below $90,000 in December and entered a weaker market in 2026. That volatility created severe cash flow pressure for some market participants and forced many liquidations. Looking back, BitFuFu executed its strategic plan and maintained rigorous operational discipline throughout 2025. We did not lever up or chase unprofitable growth at the top of the cycle, and we preserve liquidity so we would not need to sell Bitcoin in weak markets to support operations or reduce leverage. We achieved the majority of the goals set at the beginning of 2025 and built a solid foundation to navigate the current weaker market conditions. I will touch on a few of these points in a moment. As reported in our earnings release earlier today, for the full year 2025, we generated total revenue of $475.6 million. Our Cloud Mining business continued to be our largest revenue contributor, generating a record $350.6 million, up over 29% versus 2024 and accounting for nearly 74% of our total revenue for the year. Calla will discuss this and our other revenue lines in more detail later. Operationally, we continued executing our hybrid model of cloud mining and self-mining along with complementary mining services such as hosting and minor sales, mining pool services and our proprietary mining rig operating system. We are pleased…

Thank you, Leo. Good morning, everyone. Over the past year, our focus on operational execution at the site and fleet level enhanced our efficiency and reliability. While we recorded a net loss, we delivered positive adjusted EBITDA. Additionally, we achieved revenue growth and preserved a healthy balance sheet. Now I'll walk through our full year 2025 financial and operating results. The total revenue for the full year 2025 was $475.8 million compared with $463.3 million in 2024, the year-over-year increase was primarily driven by growth in cloud mining solutions. Mining equipment sales and hosting services, partially offset by a decline in self-mining revenue due to the lower hash price and increased network difficulty. Cloud Mining Solutions revenue in 2025 grew 29.3% year-over-year to $350.6 million compared with $271 million in 2024. Cloud Mining Solutions represented approximately 74% of revenue in 2025, compared to approximately 59% in 2024. Demand for cloud mining solutions remain strong and continue to exceed available supply. As a result, we were able to improve pricing and redirected the majority of our available hashrate to institutional customers at higher price points. In 2025, existing customers represented 79% of cloud mining solutions sales and new customers represented 21% compared with 77% and 23%, respectively, in 2024. Net dollar retention was 100% in 2025 versus 117% in 2024. Self-mining revenue was $63.1 million versus $157.5 million in 2024 and accounted for about 13% of total revenue, compared to 34% in 2024. In 2025, we allocated 43% of our owned hashrate to cloud mining and 57% to self mining. For leased hashrate, 91% supported cloud mining and 9% supported self mining. This reflects a meaningful shift from 2024 when only 3% of owned hashrate supported cloud mining and 73% of leased capacity supported cloud mining. Year-over-year, the allocation of owned…

Thanks, Calla. In summary, we're building BitFuFu to perform across market cycles. Cloud mining remains a key differentiator, enabling recurring service-based revenue alongside our self-mining exposure, and our integrated platform broadens how customers participate in mining. We are also continuing to build our Bitcoin treasury at a time when many miners are selling while staying focused on disciplined capital allocation and liquidity. We appreciate your time today and your continued interest in BitFuFu.

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your lines.